Real Estate

Thinking of opening a store on Manhattan’s Fifth Ave? Be prepared to shell out some hefty rent. The average rent for space along Fifth Avenue’s prime stretch from 49th Street up to 59th Street hit $1,900 per square foot in the first quarter, according to the latest CB Richard Ellis (CBRE) Global Retail MarketView. The second-highest U.S. retail market? Los Angeles, with rents of $520 per square foot.

A lot of companies are content to conduct their annual meetings in a hotel ballroom near their headquarters, but not Target. This year the retailer and its senior executives are schlepping east to Pittsburgh where the company’s annual meeting will be held on Wednesday, June 8 at 1:30 p.m. at a store located about five miles east of downtown Pittsburgh at 6231 Penn Avenue. According to the company, “This location allows us to showcase our current general merchandise store design in the latter stages of construction prior to opening.”

Ankeny, Iowa -- Casey’s General Stores and Kum & Go announced that they have signed a definitive purchase agreement for Casey’s to acquire 22 convenience stores from Kum & Go.

The stores, all of which are located in Iowan, will be immediately rebranded to Casey’s once the transaction is completed.

New York City -- Cushman & Wakefield announced that Stella McCartney, the fashion and accessories retailer and daughter of Paul McCartney, will open a new store at 112 Greene Street between Prince and Spring Streets, in the SoHo area of Manhattan.

The opening is planned for the fall.

Stella McCartney will occupy approximately 5,200 total sq. ft. between the ground floor and lower level in a 10-year lease.

Santa Clara, Calif. -- Nearly half (48%) of retailers do not offer product ratings or reviews on their website, according to a survey by CrossView, a provider of cross-channel commerce solutions.

New York City -- SRS Real Estate Partners said that “Sugar and Plumm Purveyors of Yumm” has leased 4,206 sq. ft. at the northeast corner of Amsterdam Avenue and West 78th Street on the Upper West Side of Manhattan.

The retail and food concept features artisan desserts, candy and more, with the interiors designed by Rockwell Group.

Sugar and Plumm will open its first location this summer at Bergen Town Center in Paramus, N.J.

Woodbridge, N.J. -- Fameco Real Estate said that Boardwalk Fresh Burgers and Fries has signed its first lease in New Jersey at Summit Plaza in Hackensack. 

The fast-casual restaurant will open a 2,684-sq.-ft. unit at the Stop N Shop-anchored center and said it is embarking on an aggressive franchised store rollout program with plans to grow to 200 restaurants in the next five years.

Site selection criteria include 1,700-2,500 sq. ft., inline, end cap or freestanding space, and a daytime population of 10,000 within one mile.

New York City -- Wal-Mart will debut its Walmart Express format on June 8, in Gentry, Ark. The 15,000-sq-.ft.-store will sell many of the product categories that a traditional Walmart carries, from general merchandise to consumables. There is also a pharmacy. But it will have from 11,000 to 13,000 items, compared with the more than 100,000 items found in a typical supercenter.